Beautiful West Suburb 6-Unit Property
531 Pasadena Ave. Crest Hill IL 60403
Pricing/Terms Explained
$775,000
$129,166 / Unit
11
Beds
6
Baths
-
Sq. Ft.
Yr. Built
100%
Occupancy
8 Spaces
3 Stories
Electric Baseboard
Paid, On Site
Street View
Property Summary
About The Property
Type
Multifamily
In Place NOI
$52,766
Target CAP Rate
6.8%
Today's Market Value
$959,000
Target Purchase Price
$775,000
Units
6
Projected NOI
$78,044
Market CAP Rate
5.5%
Value w/Market Rents
$1,400,000
Cost Per Unit
$129,166
Strong cash-flowing, solid brick 6-unit building in Crest Hill, IL. The building features 3 levels of apartments with (5) 2-beds and (1) 1-bed and is all electric meaning lower operating expenses versus other comparable builds. The property contains 12 parking spaces. The units themselves are in exceptionally good condition versus similar buildings in the surrounding areas. Gross income has the potential to be raised from the current $81,300 to the market rent annual income of $94,200.
About the Neighborhood
Crest Hill is a small, vibrant town of 20,500 located 30 miles southwest of downtown Chicago and 5 miles north of Joliet, Illinois’ 3rd largest city. Crest Hill was incorporated in 1960 to avoid being annexed by neighboring Joliet, in order to preserve its small-town character. Today it is known for both its popular commercial districts and natural environments, particularly the Prairie Bluff Preserve on the north side of town. The town borders Lewis University to the north along with the Lewis University Regional airport.
Due
Diligence
Documents
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